Calculate the simple interest earned on a investment of  1 Million dollar                           after 10 years at a rate of 2.5 %.

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
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i) Calculate the simple interest earned on a investment of  1 Million dollar  

                        after 10 years at a rate of 2.5 %.                                                       

 

         ii) Calculate the time needed on an investment of  $500,000 to gained

                        an interest of $60,000 if the interest rate is 1.5 %.     

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